PUMP Crashes 14% Below ICO Price After Founder Rules Out Airdrop

PUMP, the native token of Pump.Fun, dropped over 14% in 24 hours after founder Alon Cohen confirmed that there is no immediate token airdrop.

During a live with Michael “ThreadGuy” Jerome, Alon noted that the PUMP airdrop “is not going to be taking place in the immediate future.” He added that the team will inform investors of any details or timelines once they become available.

Allon speaks about the pumpfun airdrop live on threadguy stream,

"We want to reward OG pumpfun users" pic.twitter.com/gdfE7H4oRV

Alon noted that the company aims to reward the community that helped build a platform with the airdrop.

“We want to make sure that it is a meaningful airdrop and it is executed well,” Alon said. “We’re actually focusing on bringing back a lot of that attention and hype to our ecosystem. That being said, the airdrop is not going to be taking place in the immediate future.”

The memecoin launchpad initially priced its token at $0.004 during its ICO, representing 12.5% of the total 1 trillion supply. PUMP hit its all-time high (ATH) on the first day of trading, July 16, at $0.0068. Since then, the token has dropped by roughly 50%.

According to the founder, the platform prioritizes long-term development over short-term incentives, emphasizing fair airdrop launch protocols.

However, declining user activity has raised questions about the short-term Pump.Fun price prediction, considering PUMP’s distribution and current trading volumes.

As a result, the token plummeted more than 40% in the last 7 days, according to CoinMarketCap data. The overall market cap of the token is down 14% and it is currently trading at $0.0031 at press time.

Further, Lookonchain revealed that Jeffrey Huang, commonly known as Machi Big Brother, has added more to his PUMP long position, despite the token’s steep decline. His long position has been down over $5.8 million.

As $PUMP keeps dropping, Machi Big Brother(@machibigbrother)'s $PUMP long position is now down over $5.8M, but he is still doubling down and adding more to his $PUMP long positions.https://t.co/T0DJNDGd53 pic.twitter.com/w3aDcxxCgD

Besides, 2 wallets linked to private sale investors sold more than 1.2 billion PUMP at $0.003 in the past two hours. This has resulted in a loss of $1.19 million.

https://x.com/lookonchain/status/1948189406244012305 The PUMP token’s value is now likely to be driven by the platform’s core utility rather than airdrop-driven hype. In the immediate term, PUMP holders should anticipate market volatility as investors adjust to the revised n

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